Coinbase Enters Argentina: Crypto's New Frontier

Coinbase, a leading cryptocurrency exchange, has secured approval to launch its platform in Argentina. The company successfully registered as a Virtual Asset Service Provider (VASP) with Argentina’s National Securities Commission (CNV), paving the way for its entry into the South American market.

Fabio Plein, Coinbase’s Director for the Americas, emphasized the significance of this approval, stating that cryptocurrency is more than just an investment for Argentinians. It represents a means to regain control over their financial futures. This approval enables Coinbase to operate in Argentina, which the firm considers a promising market.

Coinbase’s expansion into Argentina is supported by local sentiment towards cryptocurrency. According to a research commissioned by the company, 87% of Argentinians believe that blockchain technology can enhance financial independence, while 76% see crypto as a solution to combat inflation and high transaction costs. Additionally, roughly 79% are open to receiving salaries or payments in crypto, and over 5 million Argentinians already use crypto daily.

To navigate the new market, Coinbase has appointed Matías Alberti as the head of its operations in Argentina. Alberti brings a wealth of experience and a deep understanding of the local market, having held leadership roles at Latin American firms like Buenbit and Clara. Plein expressed confidence in Alberti’s leadership, stating that he will be instrumental in bringing crypto services to millions of Argentinians.

Coinbase is also committed to financial literacy in Argentina. The company plans to roll out local educational initiatives to equip users with the knowledge needed to make informed decisions about crypto. These educational efforts will empower Argentinians to navigate the opportunities and challenges presented by the crypto market.

Argentina’s crypto landscape is notable for its focus on stablecoins. According to Chainalysis’s “2024 Geography of Crypto Report,” Argentina ranks 15th globally in terms of crypto adoption and fourth in Latin America. Despite not leading in terms of crypto adoption, Argentina led the amount of crypto money received, surpassing $91 billion. Notably, 61.8% of this amount is denominated in stablecoins, which is significantly higher than the global average of 44.7%. This trend is attributed to the hyperinflation suffered by Argentinians, as stablecoin transactions under $10,000 accelerated in the country faster than any other